Cryptocurrency exchange Binance announced that it will launch its first index product, the Equal Weighted Top 10 Index, to kick off its Binance CoinMarketCap (CMC) series of indices.
The Equal Weighted Top 10 Index will monitor the performance of the top 10 cryptocurrencies in the industry by market capitalization, such as Bitcoin (BTC) and Ethereum (ETH). Binance indices will use price information from the CMC crypto price tracker, which the crypto exchange owns.
Per the announcement, the equal-weighted index will be rebalanced monthly and is designed to help investors assess price and performance. Index products, starting with the Top 10 Equal-Weighted Index, will be available to investors from November 2022 through Binance’s Auto-Invest service.
Going forward, Binance says the community can expect more from the index series, which will encompass “more digital assets across a diverse set of products.”
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Despite a long and harsh crypto winter, Binance and other major giants in the crypto industry have been building out their service offerings for the wider community.
A recent Q3 2022 report from development platform Web3 Alchemy reported that this year could be the biggest year on record for development in the Web3 space.
Binance recently expanded its service offerings in multiple markets around the world. On October 6, Kazakhstan granted the exchange a permanent license to offer digital asset services, while in the Middle East, it reported a 49% increase in regional user subscriptions in 2022.
This recent announcement of price index tools comes as the network completed its 21st quarterly burn of Binance Coin (BNB), which removed approximately $547 million worth of BNB from its supply.